Tesla (TSLA) Discloses $951 Million in Cryptocurrency Assets Despite Earnings Shortfall

Tesla (TSLA) currently holds nearly $1 billion in bitcoin, as indicated in the automaker’s latest earnings report. The electric vehicle company reported digital asset holdings valued at $951 million as of March 31, a decrease from $1.076 billion as of December 30. Tesla’s balance sheet shows that it holds 11,509 bitcoins, as per Bitcoin Treasuries data. This drop in value is likely attributed to the decline in bitcoin’s price between the two reporting periods. Arkham Intelligence reports that Tesla has not engaged in any transactions over the last three months, with their current bitcoin holdings assessed at approximately $1.049 billion.

Additionally, a new regulation from the Financial Accounting Standards Board (FASB) mandates that corporate holders of digital assets must begin marking these assets to market every quarter. For the first quarter of the year, Tesla also reported revenue of $19.34 billion, falling short of analysts’ expectations of $21.37 billion. Following these results, TSLA shares experienced an increase of over 2% in after-hours trading.